VISION: NEXT GENERATION, BLOCKCHAIN
Futurist Alvin Toffler proposed sea changes in society based around adaption of new
technologies. The 1st wave is the agricultural revolution; the 2nd wave is the industrial
revolution; and the 3rd wave is the information revolution. We are currently seeing the
culmination of the 3rd wave, perhaps even a 4th wave, as distributed networks fundamentally
alter the way people earn a living, learn about the world, and form social bonds.
One of these distributed networks reshaping the world of finance and financial technology
fields is the ‘Blockchain’. Blockchain technology is the underpinning of ‘Bitcoin’, a cryptocurrency
developed by unknown programmer Satoshi Nakamoto. The revolutionary feature
of crypto-currencies is that they are not controlled by any governments or centralizing
The crypto-currency is decentralized currency; therefore, the radical problem of fiat-currency
which centralized by the government has been removed.
Before the epidemic of ‘Bitcoin Fever’, related technology developers attempted to build
and to commercialize crypto-currencies, but commercializing the crypto-currency was
unsuccessful. To be acknowledged as a currency, the developed currency must be used by
a vast number of people, but crypto-currency could not obtain enough attention from the
public. Meanwhile the fiat-currency values have faltered by the sequence of adverse events.
The public shifted their interest toward the ‘decentralized currency’. Bitcoin distinguishes from
the fiat currency with three features: decentralized currency, high transparency, and safe from
The implementation of the blockchain in Bitcoin achieved decentralization with safety
and transparency. The rapid adoption of Bitcoin, even to the point of a ‘Bitcoin fever’, has
shown the global appetite for a decentralized currency, and the new launched ICOs show the
robustness of both the business models and technologies in a blockchain.
Since the first blockchain is created by Satoshi Nakamoto in August of 2014, Bitcoin creates a
new block every ten minutes. The blockchain has distinguishing features such as P2P (peer-topeer)
network, consensus algorithm, hash function, etc. At its heart the blockchain is a ledger
kept up-to-date by the community who use it. Every time new transactions are recorded
they are appended to the end of the blockchain, and the ledger continues to grow. Through
these features the blockchain technology has been acknowledged to be the most innovative
technology which will lead us to another stage of future technology.